Portland JX, which is controlled by AIC Barbados, has entered into an agreement with Canadian-based Portland Private Equity Canada.
Under the deal, the Canadian firm will provide investment management services for a quarterly fee of two per cent of Portland JX's assets, plus an additional 0.33 per cent for corporate services.
As of May this year, the company's assets were valued at US$23 million, with capital of US$18 million.
Despite posting a loss of US$1.5 million, Portland JX says it will now focus on investing directly in businesses, rather than pooling funds or partnering with other investment firms.
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